Recently, multinational real estate firms have been highly-interested in investing in Indonesia, seeing the huge potential of growth for its local property market. This is indeed the case for the big joint venture of international real estate heavyweights, Astra Group, Hongkong Land and Modernland Realty, for a property investment in East Jakarta.
According to the latest real estate news, Astra Group, Hongkong Land and Modernland Realty, three of Asia’s leading developers, have agreed earlier this October to collaborate on an overseas property development project in East Jakarta. This joint venture involves an acquisition of 70 hectares of land in Cakung worth Rp 3.4 million. A Jakarta property dubbed as ‘Jakarta Garden City’ will be built on this very land.
This deal is officially between two participating parties, Astra Land and Mitra Sindo Makmur. Astra Land is a joint venture between Astra International and Hongkong Land. Astra is a renowned conglomerate in Indonesia while Hongkong Land is one of the biggest property investment, management and development groups in Hong Kong, Singapore and mainland China. Hongkong Land is well-known to be involved in the development and management of many Asia properties already.
The agreement to this property investment in Jakarta was officially signed by Wibowo Muljino and Andre Seet, the President Director and Director of Astra Land Indonesia. Along with them, William Honoris signed for Mitra Sindo Makmur as President Director.
Wibowo Muljino of Astra Land says that he sees a huge potential for growth in the property market of east Jakarta. The growing real estate sector of this area, as well as the partner firms involved with this project were perhaps what prompted them to move forward with this overseas property investment. As a fairly new player in the real estate sector, he said, “Through this cooperation, we hope we have a partner who knows well the property industry in East Jakarta. Modernland Realty has expertise and understanding both in term of market and development in the surrounding area.”
At the opposite side, William Honoris of Modern Realty said, “Modernland Realty believes that this joint venture company will produce excellent synergy.”
Want more updates on the Asian real estate industry? Follow us on our Facebook page here. You can also send us any business enquiry via our Contact Us page.